Abu Dhabi-based MAIR Group, an investment firm active in sectors such as food retail and commercial real estate, announced on Thursday its intention to list on the local stock exchange next month.
The company, which operates more than 100 stores in the UAE under the ADCOOP and SPAR brands, stated in a press release that the listing on the Abu Dhabi Securities Exchange (ADX) is scheduled for December 9. However, the statement did not reveal the quantity of stock that shareholders and employees plan to sell through the direct listing process, which bypasses the traditional bank-backed initial public offering (IPO) route.
The Gulf region has witnessed a surge in retail activity in recent years, driven by ambitious economic diversification plans by oil-rich governments. These governments are investing heavily in various sectors to reduce their dependence on fossil fuels. Additionally, they have been enhancing their capital markets, leading to several retail companies listing this year, including hypermarket chain operator Lulu Retail Holdings, which raised $1.72 billion in its Abu Dhabi IPO this month, and UAE-based Spinneys.
As MAIR Group prepares for its listing, Managing Director and CEO Nehayan Al Ameri expressed enthusiasm, stating, "We are poised to expand our influence, solidify our infrastructure, and welcome stakeholders to be part of our growth journey."
MAIR Group, which also manages over 12 shopping centers through its commercial real estate division, reported revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024. In the previous year, the company distributed 135 million dirhams in dividends, equivalent to 12.11% of its share capital, to its over 12,000 shareholders.
Source link: https://www.khaleejtimes.com
